On February 28, the price of Bitcoin increased by 14.6%.
Depreciations in the national currencies of Russia and Ukraine led to an increase in prices.
After a series of three monthly closes in the red, the price of Bitcoin (BTC) closed the month of February with a 12% increase. The recovery in the last days of February was a major factor in this monthly recovery in the bitcoin price, particularly due to the 14.6% recovery recorded on Monday, February 28.
The Russian invasion of Ukraine had an initial negative impact on the bitcoin price in the early hours of Thursday 24. However, the price rebounded on the same afternoon with an 8% increase in just 3 hours. The price has remained very close to $40,000 in recent days, until it managed to overcome this important barrier on Monday, according to CriptoNoticias.
The stunning fall of the ruble (RUB) as a result of sanctions against Russia, as well as the weakening of the Ukrainian hryvnia (UAH), Contributed to the Bitcoin rally on Monday, As we say in this medium. At the time of writing, the price of Bitcoin is up 3.5% in the last 24 hours, with the price of Bitcoin reaching $43,618.
As shown in the Bitcoin price chart with monthly candles, it closed the first month of 2022 with a 17% loss, making it the worst January since 2018 for the first cryptocurrency. However, in the past four years, The largest monthly decline occurred in May 2021, When the price fell from $57,792 to $37,414, which is more than $20,000 or a 35.2% decrease.
Even with the infamous 14.6% increase on February 28, Bitcoin recorded the highest daily return in its history. CriptoNoticias reported the largest daily increase in the price of Bitcoin in just over a year, on Monday, February 8, 2021, when Bitcoin recorded an increase of about $8,500.